AUSTIN - The local industrial market was pushed into high gear in third quarter 2012, according to a survey of more than 37 million sf of industrial lease space conducted by NAI REOC Austin.

New leases and expansions from July through September generated an astounding 1,155,912 sf of positive net absorption including 345,000 sf of unfixed month-to-month deals.

As a result, the citywide vacancy rate tightened in 3Q 2012 to 12.7 percent compared to 15.9 percent in 2Q 2012 and 19.0 percent in 3Q 2011. In fact, the current vacancy rate is the lowest since mid-year 2008 when it was 14 percent.

The market continues to move along a path of steady recovery as "the Austin industrial market is in the midst of an impressive rebound," says Kim Gatley, Senior Vice President and Director of Research of NAI REOC Austin.